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  • 1
    Electronic Resource
    Electronic Resource
    The Acquisition of Restructured Firms: An Illustration of Market Discipline? (1994)
    Oxford, UK : Blackwell Publishing Ltd
    Journal of economics & management strategy 3 (1994), S. 0 
    Details
    ISSN: 1530-9134
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: We examine the relationship between chief executive officer (CEO) compensation and acquisition activity subsequent to corporate restructurings in a sample of 152 firms created by a voluntary corporate spin-off. We also investigate the linkage between these relationships and the stock market reaction to the initial restructuring announcements. Surprisingly, CEO wealth in the form of stock and options is strongly related to friendly and hostile acquisition activity, respectively. Moreover, the stock market appears to anticipate this subsequent acquisition activity. These results ask us to rethink our understanding of the motivational properties of equity ownership and the stock market's reaction to voluntary corporate spin-off announcements.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.1430-9134.1995.00585.x
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